In a seemingly bottomless app store where there is an app for just about anything and everything under the sun, it would be easy as a small business owner to either pick the least costly app or most user friendly one and plunge headlong into the bookkeeping abyss. After all, what is a few dollars compared to the hundreds or thousands you would save from hiring a CPA?
Short answer would be: if you know what you are doing AND you have time available, then by all means, take this challenge on. After all, “if you want things done right, …” Yes, sure, you could walk your own dog and groom him/her yourself, and cook your own food, and wash your own car, and pump your own gas (NJ I’m looking at you), and design and tailor your own clothes, and launder and press them, and change your own oil, and rotate your own tires, etc. You get the point. Certainly, doing things yourself will no doubt help you save money.
Unfortunately, seldom is life as a business owner that simple. Wearing a dozen hats, permanently scrounging for time and never being fully done with your work, are all par for the course. Trying to find enough time to not just mind your books and finances, but first to understand how to use the software and then to learn accounting concepts (which for the sake of time, sometimes does get dropped) becomes increasingly difficult as your business grows and grows, along with your other responsibilities. Often, however, the drive to save money ends up being counterproductive. Doing things yourself will also take up your time and as a result will restrict your ability to generate sales and/or focus more on your business’s success.
Hiring a knowledgeable and experienced professional, one that makes it a point to be up to date on the latest changes (in accounting, tax, and other pertinent topics), is an invaluable option. Not only does it free up precious time so as a business owner you can focus on what drove you to open your business in the first place, but it also ensures that the work that needs done is being done timely and accurately. Additionally, you will have an expert that can help guide your business, navigate obstacles and provide you the insight that you need to make those decisions and develop the strategy that will help your business thrive and be that much more successful.
Depending on the stage of life of your business, hiring a CPA may not always be possible. However, having someone in your network, a trusted resource, who can help with the odd question here and there or can give some guidance when needed can prove to be a smart alternative. You will build confidence on that resource, strengthen that professional relationship, and when ready it will be a smooth transition into a successful partnership. We seek experts in most aspects of our lives, does something as important as the financial health of your business not deserve the same?